Help in Illinois

[NeishaT]

Hi,
I am planning to file chapter 7 in Illinois. It will be me and my husband but we have been separated for the last year. I have gone through both of our credit reports from all 3 bureaus and wrote down every creditor and grouped the collections with them to fill out the form. The question that I am having is with this stupid car that husband bought 2 months ago with his mom as a co-signer. She helped him get it to get back and forth to work. It is a 2006 so it isn't the newest car in the world but I am having a hard time figuring out what to do. He has no problem reaffirming the car because either way he would have to make payments or the car would have to be paid for by his mom.
(1) Would they try to take possession of the car? Do I just list it as the secured debt and then have him contact the lender?

Then even though I pulled all the credit reports, I want to make sure I got all the creditors, is there any other way to check. I am waiting for the Chexsystems report but I want to make sure I have everything. Even stuff that may not be on the report yet. Any advice?

[justbroke]

(1) Would they try to take possession of the car? Do I just list it as the secured debt and then have him contact the lender?

No. Since there is a co-signor, they will attempt to collect from the co-signor (his mom). So long as the payments are up to date, they will not repossess the car. It should be listed on Schedule B and Exempted on Schedule C.

Then even though I pulled all the credit reports, I want to make sure I got all the creditors, is there any other way to check. I am waiting for the Chexsystems report but I want to make sure I have everything. Even stuff that may not be on the report yet. Any advice?

Some people run a tri-bureau report (Equifax, Experian and Trans Union) to insure coverage. You are the first I know of to include a list of banks from a ChexSystems report. That's actually not a bad idea, but may be overkill (depending on your District).

In any event, you do want to list all your creditors that you know of.

[chicagoannie]

I pulled all 3 reports from the credit bureaus and Chexsystems (no bounced checks but did have an account closed due to fees. Post Bk discharge, Chex has now removed it from my records, so I am clean with the banks again - yay!)

Regarding the creditors, just list any and ALL folks you could possible owe money to - even from YEARS ago. When old debts get sold to 2nd, 3rd, 4th, etc, parties, some are unscrupulous and will try to collect long after the SOL. If you don't know the account number or amount due, simply mark those as "unknown." Have your husband do the same. One person on this forum had a collector contact him about a car that was repo'd 20 years ago!

[justbroke]

AMEX filed a claim in my Chapter 13, for a credit card that was over 20 years old! I filed a Motion to Expunge and it went before the judge. The entire courtroom had a good laugh that day as everyone was saying "20 years ago?" The SOL was blown and they didn't even have a "real" claim. Wasn't even sure that it was my account! The judge said to just leave it listed because it SURELY would be discharged and gone once my case dismissed.

So, again, list everybody!